As a business, you can never be too careful or thorough when protecting your and your customers’ data. Mishandled information can expose you to greater risk from attacks such as data theft and extortion.
Service Organisation Control (SOC) 2 compliance is a framework of cybersecurity requirements for technology companies. It is designed to ensure that systems provide security, availability, processing integrity, confidentiality, and privacy of customer data. Most importantly, companies need to monitor for unauthorized or suspicious activity to protect their organization and their customers’ information. SOC 2 security implies both a detailed audit and a requirement to follow certain procedures and policies.
Who Should Comply with SOC 2?
Any technology-based service company that stores customer data in the cloud should comply with SOC 2 requirements. It is one of the most common security standards for tech companies, and an industry standard of best practices.
The Five SOC 2 Principles
In order to be compliant, service providers must have thorough, proven strategies to address the five SOC 2 principles. These principles represent customers’ main concerns, and most aspects of data management fall under one of these categories.
- Security – This principle refers to protection from all types of unauthorized access. Strategies to address this principle include network and application firewalls, two-factor authentication and intrusion detection.
- Privacy – The privacy principle addresses the collection, use, disclosure and erasure of customers’ personal information. It is essential that this process corresponds accurately with the organization’s privacy notice. Associated strategies are access control, two-factor authentication and data encryption.
- Availability – This third principle examines the accessibility of an enterprises’ services, products, and systems. This encompasses performance monitoring and remediation planning if a breach does occur.
- Processing Integrity – Processing integrity assesses whether or not a system achieves what it is intended to do. Does it follow through with the performance and price that was promised? Does it process data effectively and with authorization? This principle is meant to ensure quality assurance and process monitoring.
- Confidentiality – Lastly, a SOC 2 security compliant company must offer sufficient encryption, access controls, and firewalls to limit access and disclosure to specific groups when requested.
The Auditing Requirements
It is essential that you keep detailed audit trails. These records will assist you in the case of a security breach by allowing you to determine the origin and begin remedying the incident. Providing rapid responses with full context about the situation will help you meet SOC 2 requirements and run your business more safely.
The Importance of SOC 2 Security
SOC 2 compliance is a completely voluntary process. No company is technically obligated to follow the requirements. However, if you are in the tech industry, it is advisable that you complete the process. It shows customers that your company puts security at the top of its priority list. A cybersecurity consulting firm can help you meet these standards.
The certification process is extensive, lengthy and involves outside auditors. But SOC 2 compliance is worth the hassle. Not only will potential clients notice the stamp of approval, but your company will also benefit from increased data security.
Work with a Leading Cybersecurity Company
For more information on how your company or organization can meet the requirements of SOC 2, contact our team of IT consultants today.